Talk about a sweet Christmas present. Aaron Stone, a senior at Fort Lewis College, was named the school’s first student winner of a Rocky Mountain Chocolate Factory franchise.
In September, the Durango chocolatier announced it was extending to FLC a program it had established 12 years ago at Missouri Western State University. The program awards the student who writes the best business plan and makes the best presentation about the operation of a RMCF franchise their own store.
Stone will operate the Rocky Mountain Chocolate Factory franchise in Peoria, Illinois.
Fifteen students took the Applied Entrepreneurship class, and three students, Bailey Longacre, Zak Briggs and Stone, completed business plans and made presentations to compete for the franchise. Stone’s came out on top.
“I just went into detail. I tried to make my financials as good as possible,” Stone said. “So, I went through the data they provided, and I went through some forecasts. I just analyzed it and came up with some realistic numbers and then did some general market research.”
Michael Valdez, associate professor of management at the School of Business, developed the class. He said franchise owners from the Durango McDonald’s and Durango Harley-Davidson delivered guest lectures.
In addition, business owners from across Durango spoke about running small businesses.
Perhaps the most eye-opening experience for students after completing the class, Valdez said, was an appreciation of the benefits a franchise can offer a small-business owner.
“They discover that to be an entrepreneur or a small-business owner, you don’t have to start from scratch. You can find a fantastic organization like Rocky Mountain Chocolate Factory that has all the skills and capabilities to help these franchisees succeed. They discover that this is a true, viable opportunity for them.”
The students studied the Peoria franchise during the semester, so Stone has a pretty good handle about the store’s strengths and weaknesses.
Stone said he likes the idea the shop is in Peoria’s Metro Center, the commercial heart of the city, which is about 165 miles southwest of Chicago. He will begin operating the store in February – with Valentine’s Day, a good month for chocolate sales.
“February is like 8.7% of the annual sales, between 8.2% and 8.7%,” Stone said.
Stone is intent on developing a strong culture at the store.
“It’s, more or less, treating the employees well. So they want to work there. So that they want to do well and building a relationship with the community,” he said.
Greg Pope, RMCF senior vice president for franchise development, said the cost to obtain a RMCF franchise is $25,000, and total costs for building and renovation usually means an initial franchise owner invests about $300,000 before opening the doors to a new RMCF chocolate shop.
“All three of the candidates were qualified. We were very impressed with all three of them. We had a very difficult time narrowing down the winner. Our goal is to figure out a way to help all three of the students transition into a career, whether it’s with Rocky Mountain Chocolate or something else, and so for the two non-winners, we’re figuring out plans on how we can help them, Pope said.
Debbie Smith, Rocky Mountain Chocolate Factory director of strategic development, said, “I would say what impressed me with the winning plan was his grasp of the operations of the business.”
Pope said RMCF plans to award a franchise to the FLC student with the best business plan and presentation about operating a franchise every year. Some years, if business plans and presentations are strong enough, more than one franchise might be awarded, he said.
Dean of the School of Business Steve Elias said the partnership with RMCF is important in building the curriculum and attracting students.
“Our goal in the School of Business is to have an impact on students’ lives. I don’t know if you can have more of an impact on a student’s life than to award them – after a semester of extraordinarily difficult work – award them ownership of a franchise. How awesome is that?”
parmijo@durangoherald.com
